The Bank of Montreal and Abu Dhabi-based wealth fund ADQ are joining the Desmarais family-controlled alternative asset manager as equity partners, while Great-West Life will take a larger minority stake, The Globe and Mail reported. The three partner organizations are reportedly investing over US$100-million into Sagard, and have committed to giving up to US$2 billion in capital over the next five years. (The Globe and Mail)
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The Bank of Montreal and Abu Dhabi-based wealth fund ADQ are joining the Desmarais family-controlled alternative asset manager as equity partners, while Great-West Life will take a larger minority stake, The Globe and Mail reported. The three partner organizations are reportedly investing over US$100-million into Sagard, and have committed to giving up to US$2 billion in capital over the next five years. (The Globe and Mail)
Talking point: Sagard’s expansion goals will likely include new strategies and products, as well as acquisitions. Sagard’s chairman and CEO Paul Desmarais III told The Globe that the move reflects the industry trends where Sagard plans to put its money. With Great-West Life, for instance, Sagard is readying itself for the growing investments insurance companies are making in alternative assets. The deal is expected to close in the third quarter of this year. Sagard did not respond to The Logic’s request for comment on the terms of the deal.
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